Update on operations at the Chinarevskoye Field

Nostrum Oil & Gas PLC (LSE: NOG) ("Nostrum", or the "Company" and together with its subsidiaries, the "Group"), an independent oil and gas company engaging in the production, development and exploration of oil and gas in the pre-Caspian Basin, is pleased to provide an update on its well No.301 re-entry drilling operations, the first of a two well re-entry drilling programme at its Chinarevskoye field to be completed in 2024.

The well No.301, reaching a total depth of 4,980 meters, has been drilled on time and on budget and is awaiting completion operations with start-up expected mid-2024. It had multiple in-fill targets across the Carboniferous and Devonian age reservoirs. Hydrocarbons (oil, gas-condensate) have been encountered across 3 key intervals. The results are in line with the Company's expectations of initial well rates of 400 to 700 boepd. The drilling rig will now move to the next well, No.41, with expected spud mid-April and start-up in Q3 2024.

Arfan Khan, Chief Executive Officer, commented:

"The successful re-entry drilling of the well No.301 is the result of extensive subsurface studies completed over the past few years that placed priority on balancing the geologic risks with potential rewards. The value-accretive production from this well will help to convert our 2P reserves to PDP at lower costs by leveraging existing wellbores, in conjunction with slowing the overall field-level production decline. The next well, a sidetrack, carries a higher level of geologic risk as it is step-out from the existing well control in the targeted Devonian reservoir."